Douglas Dynamics (NYSE:PLOW) Has Some Way To Go To Become A Multi-Bagger
Douglas Dynamics (NYSE:PLOW) Has Some Way To Go To Become A Multi-Bagger
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Although, when we looked at Douglas Dynamics (NYSE:PLOW), it didn't seem to tick all of these boxes.
如果要找出下一个成倍回报的股票，需要关注以下几个关键趋势。首先，我们需要看到资本使用回报率（ROCE）的证明，其不断增加；其次，需要扩大资本使用基础。简而言之，这些类型的企业是复合型机器，意味着它们不断以越来越高的回报率再投资其收益。虽然，当我们研究Douglas Dynamics (NYSE：PLOW)时，发现它似乎没有满足这些条件。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较，但过去只能知道这么多。如果您感兴趣，可以查看我们免费的蒙托克可再生能源分析师报告，了解分析师的预测。
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Douglas Dynamics is:
对于不确定ROCE是什么的人，它衡量公司从业务中使用的资本中能产生的税前利润的量。 Douglas Dynamics计算此结果的公式是：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.12 = US$54m ÷ (US$577m - US$122m) (Based on the trailing twelve months to March 2024).
0.12 = US$5400万 ÷ (US$57700万 - US$122m)（基于截至2024年3月的过去12个月）。因此，Douglas Dynamics的ROCE为12％。就绝对值而言，这是一个相当正常的回报，而且目前它与机械行业平均水平13％相当接近。
So, Douglas Dynamics has an ROCE of 12%. In absolute terms, that's a pretty normal return, and it's somewhat close to the Machinery industry average of 13%.
纽交所（NYSE：PLOW）资本投入回报率图表
In the above chart we have measured Douglas Dynamics' prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Douglas Dynamics .
我们注意到，尽管过去五年资本回报率持平，但同期业务中使用的资本金额下降了26％。对我们来说，这不像是一个成倍回报的股票，因为该公司似乎正在出售资产，其回报率也没有增加。如果这种情况继续下去，该企业在未来几年会变得更小，因此可能不是一个成倍回报的股票。
What The Trend Of ROCE Can Tell Us
尽管如此，当我们看 enphase energy (纳斯达克股票代码：ENPH) 的时候，它似乎并没有完全符合这些要求。
We've noticed that although returns on capital are flat over the last five years, the amount of capital employed in the business has fallen 26% in that same period. To us that doesn't look like a multi-bagger because the company appears to be selling assets and it's returns aren't increasing. You could assume that if this continues, the business will be smaller in a few year time, so probably not a multi-bagger.
另一个需要注意的地方是，我们注意到过去五年公司的流动负债有所增加。这很有趣，因为如果流动负债未增加到总资产的21％，则报告的ROCE可能低于12％，因为总资本使用会更高。如果这种比率未来增加，那么要小心，因为如果过高，会带来一些新的风险因素。
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 21% of total assets, this reported ROCE would probably be less than12% because total capital employed would be higher.The 12% ROCE could be even lower if current liabilities weren't 21% of total assets, because the the formula would show a larger base of total capital employed. With that in mind, just be wary if this ratio increases in the future, because if it gets particularly high, this brings with it some new elements of risk.
从Douglas Dynamics的ROCE中可以得出什么教训
What We Can Learn From Douglas Dynamics' ROCE
总的来说，我们并不热衷于看到Douglas Dynamics减少其业务中使用的资本量。由于过去五年该股下跌了30％，投资者可能对这种趋势的改善并不太乐观。无论如何，该股不具备上述成倍回报的特征，因此如果您寻找这样的股票，我们认为您在其他地方会更加幸运。
Overall, we're not ecstatic to see Douglas Dynamics reducing the amount of capital it employs in the business. Since the stock has declined 30% over the last five years, investors may not be too optimistic on this trend improving either. In any case, the stock doesn't have these traits of a multi-bagger discussed above, so if that's what you're looking for, we think you'd have more luck elsewhere.
但是，Douglas Dynamics还是带有一些风险。我们在我们的投资分析中发现了两个警告信号，其中有一个有些令人不愉快……
Douglas Dynamics does come with some risks though, we found 2 warning signs in our investment analysis, and 1 of those is a bit unpleasant...
虽然Douglas Dynamics当前可能没有收益最高的回报，但我们已经编制了一份目前收回超过25％的资本回报率的公司名单。在这里查看免费名单。
While Douglas Dynamics may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管道格拉斯动力目前的收益率可能不是最高的，但我们已经编制了一份目前收益率超过25%的公司清单。请在此处查看此免费清单。
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